Genesis 1:26-27 – “Then God said, ‘Let Us make man in Our image, according to Our likeness; and let them rule over the fish of the sea and over the birds of the sky and over the cattle and over all the earth, and over every creeping thing that creeps on the earth.”

Nas seems to be suggesting that he will remake hip-hop in his own image, and that it will be sovereign over the earth.

The name “Jenny” was not chosen by accident – it was a common term of art for a honey back in the early 1990s — see De La Soul’s “Jenifa Taught Me,” which contains the line “Jenny, lost her favorite penny.”

“Stones” in this case refer to “rocks” of crack (which, if you’re caught with them in your pocket, will only “sink” you into further trouble, all the way down to the grave of sunken ships).

This line also encodes a reference to the Almighty Black P. Stone Nation, a Chicago gang associated with “Pocket Town,” a South Side neighborhood located between Oak Woods Cemetery and the Metra tracks.

And, yes, Lupe is still continuing the “Sly and the Family Stone” reference.

Moreover, Davy Jones was a musician known for being part of the band, The Monkees.

Continuing the references to influential artists, Lupe brings up Sly and the Family Stone, warning people to not try to fit into the greats' shoes, but to create their own image and success; if they don’t, then they’ll drown

The “sly” does two things here: it creates the “Sly and the Family Stone” reference, and it (slyly) gestures back at the “boxer” line, making you think of Sly Stallone in Rocky.

Lupe’s lyrical content is more dense and complex than that of the music that typically sells. In a metaphorical sense, his music has the density of oil while others have the density of water.

“Blackbeard” probably refers to music pirates and those who leak his music (see Lupe’s OkayPlayer interview).

Lupe brought the “rock” into your ship – i.e.:

1. He sank your enterprise with a well-placed cannonball, like Blackbeard the pirate.

2. He caused you to run aground, like the huge rock on which the Exxon Valdez ran aground, spilling oil everywhere. This is meant to recall the image of oil-soaked fish in the previous line.

3. He attacked your team like the mythical Roc, a giant bird of Arabian legend, which attacked the fleet of Sinbad.

4. He brought the full force of Roc(-a-fella) to bear on your weak team by enlisting Jay-Z to Executive Produce his album and guest on this track.

Don’t you find it strange that the content that modern day hip-hop is bashed for – gold chains, women, guns, and alcohol – has been around long before 2 Chainz, Rick Ross, and Lil Wayne hit the mainstream?

As for Nas’s love of Heineken, we’ll give Dennis Hopper the last word.
https://www.youtube.com/watch?v=HeWUXV89w0g

Since Lupe is a Muslim who follows his faith devoutly, he doesn’t do drugs (“horse” is slang for powdered heroin), but he does toot his own horn (promote himself and his records). A unicorn is depicted as a white horse with a horn and horses often “snort” when they neigh.

Note that the reference to tooting his own horn foreshadows the tuba reference in the next verse.